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Managing Financial Resources in HSC Assignment

   

Added on  2020-06-06

15 Pages4697 Words106 Views
Managing FinancialResources in Health andSocial Care

Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................11.1 Explaining the principles of costing and business control system which adopted inCareSouth Group care home.......................................................................................................11.2 Identifying the information needed to manage financial resources for CareSouth Groupcare home....................................................................................................................................21.3 Explaining the regulatory requirements that need to be satisfied while managing financialresources in CareSouth Group care home...................................................................................31.4 Evaluating the systems which managing the financial resources. .......................................3D1................................................................................................................................................4TASK 2............................................................................................................................................42.1 Discuss the diverse sources of income available to CareSouth Group in the financial year2013/2014....................................................................................................................................42.2 Analysing the factors that may influence the availability of financial resources inCareSouth Group. .......................................................................................................................5M3...............................................................................................................................................5D2................................................................................................................................................52.3 Review different types of budget expenditure in CareSouth Group care home.'..................5M3 ..............................................................................................................................................62.4 Evaluating how decision about expenditure made in CareSouth Group. .................................6TASK 3............................................................................................................................................63.1 assuming there was financial shortfall in CareSouth Group, how this situation could bemanaged......................................................................................................................................63.2 explain the action plan for financial fraud in CareSouth Group...........................................73.3 Evaluate budget monitoring arrangement in CareSouth care home......................................7TASK 4............................................................................................................................................74.1 identifying information required to make decision relation to CareSouth Group................74.2 Analyse the relationship between care services delivered and costs and expenditure. ........84.3 Evaluate financial consideration or impact on service users.....................................................8

4.4 Recommendation in care service provided by CareSouth Group.........................................9Feedback-Good work but try to add small bit of your own judgement at the end of eachparagraph. ........................................................................................................................................9Check grammar and spelling and your assignment are almost 900 words short.............................9CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTION Management financing has become the most challenging in these days. Everyorganisation and business requires the best skilled person to handle the financial management.Organisation hires the professionals, skilful and talented experts who perform this difficult task.Private as well as public sector recruit these professionals which is quite strict in the efficientmanagement of finance. Being the manager of CareSouth Group.Executive summary I will discuss on various important aspects which improves the company financial efficiency.Further, it will discuss on the controlling factors which reduces expenses as well as budget forthe homes. Finance is very essential source for the homes because of little support of partnerorganisations. Moreover, it will discuss on the methods or processes that will enhance thefinancial system for improving the health and social care services.TASK 11.1 Explaining the principles of costing and business control system which adopted in CareSouthGroup care home.As a manager in CareSouth Group, it is very imperative for the leader to understand thefinancial or principles of costing (Bekaert and Hodrick, 2017). Besides this, it is very essentialprocess to determine the cost and amount of resources which is needed to give the bestoutcomes. For CareSouth Group, principles of costing are useful to determine the total cost ofexpenditure. There are six principles given by the National Health care services which must beadhered by all health care organisations. Some principles of costing are listed below: Cost is related to its cause: This is the first principle of costing, it defines that cost isalways connected with cause. The figures of the cost is must be analysed. Relationship must bepositive between cost and cause. Abnormal costs are charged in costing: These costs are those which are incurred byloss of fire, riot, theft and any accident. Besides this cost is not charged to the production, thiscost distort cost figures and mislead the management for cost control (Blais, 2015). Past cost is not considered for future costs: In this principle, it refers that past cost is not carriedforward to the future costs because this will occur misleading in future and may lead overburdened (Boulware and et.al., 2016). 1

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